When it comes to choosing where to live, high quality tenants have a lot of options. That’s why it’s so important to be a good landlord. When you develop and maintain a professional and positive relationship with your tenants, you’ll keep the good tenants longer and ensure a successful landlord experience. Here are our best tips on how to be a good landlord:
Make sure tenants and clients know how to reach you, and be available through a number of different communication channels. Most landlords find it’s easy to email and text, and that’s an efficient way to keep in touch. Just remember that sometimes a personal phone call or even a face to face visit can go a long way in strengthening your relationship. Always provide your tenants with the information they need and be willing to answer their calls and return their messages. Listen to the needs of your tenants and your property owners and be responsive.
Written Policies and Procedures
Part of being a good landlord is having consistent policies and procedures in place. This makes your job a lot easier and it also gives your tenants an idea of what to expect. Policies should be in writing and they should be provided to anyone who needs them, especially tenants and applicants. You should be able to explain all of your procedures and demonstrate why they are necessary and how they are helpful.
Pay attention to the rental market you’re working in. This is essential to being a good landlord because if you raise the rent on a tenant during a period when rents are actually dropping, you’re going to lose that tenant and you’ll have a hard time finding a new one. Take a look at what similar properties are renting for and keep your finger on the pulse of the market so you know what the conditions are.
It’s important to treat all of your tenants with respect. If you find yourself in a disagreement, you can make your case without becoming confrontational or unprofessional. Make sure you treat all your tenants equally as well. Not only is this required in order to be compliant with fair housing laws, it also helps you to demonstrate you’re an excellent landlord.
Continuing education is critical. Laws change often and sometimes dramatically, and you need to stay up to date on all the current national, state and local laws. Try to attend seminars and classes so you are familiar with best practices and legal requirements when it comes to Landlord and Tenant law.
These are just a few of the ways that you can work towards being a great landlord. If you have any questions, or you’d like more information, please contact us at PRS Property Management.